Research on safer and more environmentally friendly processes and products has highlighted microalgae as a promising source of natural products, among which the majority are hydrocarbon molecules. Microalgae can modulate their metabolic pathways to produce compounds with high technological potential, especially when they are grown in unsuitable environments for crop cultures (i.e., wastewater, imbalanced nutritional sources, and different environmental conditions). Terpene production by microalgae has been the subject of several studies because they can be used as high-value-added products, such as fragrances and aromas, in the latest generation of biofuels. Thus, this review aims to detail the state-of-the-art microalgal hydrocarbons (terpenes), production metabolism, growing conditions that trigger the pool of molecules, and the application of microalgalorigin terpenes.